Starting a business can be very expensive, and raising money can be both time consuming and difficult depending on the funds required. That is why the US government sets aside millions of dollars every year for business start up grants that help prospective companies just like yours get on their feet.
Business start up grants are awarded to many different individuals based on a variety of criteria. While financial necessity is obviously important; you could also qualify for certain grants based on race, ethnicity, gender, disabilities, and much more. And best of all when you qualify for a grant you never have to repay the money. This means that you’re getting “free” money to help you start your own small business.
Even non-profit organizations are eligible for business start up grants. Actually, because these organizations are supplying a public service and receiving no capital gain in return, the federal government is even more willing to supply funds to help subsidize their costs.
And when you receive the business start up grant you can use the money for so many different reasons such as paying for new office furniture and equipment, covering your rent or other office expenses, or funding your overhead.
These grants are ongoing throughout the year and range from $1,000 to $1,000,000 depending on the cause. So if you have a great business idea or plan in the works, but not quite enough capital to get your project moving, then a business start up grant is for you.
But remember when applying for your grant you need to make sure that you have a well documented plan. You have to sell your business idea to the grant foundations; making them want to invest in your company. A business plan highlights the company’s goals, mission, services and products, target market, and more. It should be well organized, factual, easy-to-read and understand, and free of grammatical and typographical errors.
In fact, the application process is the most important part of this procedure. Candidates need to make sure that their applications are complete and accurate, as errors can cause delays in processing. After you have properly researched and filled out and submitted your grant application forms it is time to wait. While you need to give the government time to process your papers, at the same time you want to keep in touch with the agencies to know about the progress of your application.
Also consider how your new business will benefit the community and surrounding cities and towns. Those more likely to benefit the community will be considered more seriously than the rest of the applicants. Remember, while the government wants to help you, they want to help the community and the economy even more. So show them why your business venture has the best of both worlds.